Wtax/75/2022 Of Subodh Chandra Seth v. Income Tax Officer And 4 Others

Case :- WRIT TAX No. - 75 of 2022 Petitioner :- Subodh Chandra SethRespondent :- Income Tax Officer And 4 OthersCounsel for Petitioner :- Suyash AgarwalCounsel for Respondent :- A.S.G.I.,Gaurav Mahajan,Manu Ghildyal,Sudarshan Singh Hon'ble Surya Prakash Kesarwani,J.Hon'ble Jayant Banerji,J. Heard Sri Suyash Agarwal, learned counsel for the petitioner and SriManu Ghildyal, learned Standing Counsel for the Income Tax Department. Learned counsel for the Income Tax Department has produced before usthe information received by the Assessing Authority through e-mail dated13.07.2019 from the Deputy Director of Income Tax (Investigation) UnitA-2, Mumbai, which prima facie indicates involvement of the petitioner inpenny stocks and shows that the petitioner has shown sale of penny stockof "M/s Tilak Venture Ltd." for Rs.1,06,13, 822/- during the Financial Year2014-15 pertaining to the Assessment Year 2015-16. The "information"produced before us by the learned counsel for the respondent Income TaxDepartment, has been returned to him in court, for returning to theauthority concerned. Learned counsel for the petitioner now states that the petitioner wants toparticipate in reassessment proceedings and, therefore, this writ petitionmay be dismissed as withdrawn. In view of the aforesaid, the writ petition is dismissed. The petitioner asstated, may participate in the reassessment proceedings. Order Date :- 30.3.2022NLY